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AGA GFMC Exam Syllabus Topics:

Topic	Details
Topic 1	Internal Control: This section of the exam measures the capabilities of compliance officers and internal auditors in implementing and evaluating internal control systems. It includes knowledge of COSO frameworks, OMB standards, and audit procedures aimed at fraud prevention and legal compliance. Candidates must understand roles and responsibilities related to internal control, risk assessment, reporting mechanisms, and enterprise risk management frameworks.
Topic 2	Performance Measurement Metrics Service Efforts and Accomplishments: This section of the exam measures the ability of program managers and strategic planners to align performance indicators with organizational outcomes. It covers the integration of financial and non-financial metrics with strategic goals, the importance of transparency and accountability, and how performance data informs budgetary decisions. Candidates must understand stakeholder engagement, baseline setting, legal compliance, and benchmark creation.
Topic 3	Financial Management Functions: This section of the exam measures the competencies of public sector finance officers and treasury analysts in managing financial operations in government environments. It covers essential areas such as cash flow practices, investment strategy, debt recovery, and procurement processes. Candidates are expected to understand property and inventory systems, evaluate IT-based financial systems, and apply emerging technologies. Shared services and project management principles are also included as foundational knowledge areas.
Topic 4	Financial and Managerial Analysis Techniques: This section of the exam measures the skills of budget analysts and financial managers in using quantitative tools and data to assess financial decisions. It includes techniques like trend and ratio analysis, forecasting, regression, and data analytics. It also tests understanding of data sources, reliability, and how forensic auditing can be used for deeper insight into financial activities.
Topic 5	Auditing: This section of the exam measures the auditing knowledge of financial controllers and government auditors. It focuses on audit standards, types of audits, the audit process, and the responsibilities of both auditors and auditees. Key topics include audit preparation, follow-up, independence, materiality, and the scope of the Single Audit Act. Candidates are also expected to be familiar with fieldwork, reporting, and confidentiality concerns relevant to public sector audits.

AGA Examination 3: Governmental Financial Management and Control (GFMC) Sample Questions (Q106-Q111):

NEW QUESTION # 106
To support optimal cash management vendor payment procedures, invoices with discount terms should be paid

A. on the due date, unless a charge is assessed for late payment.
B. prior to the due date to improve credit rating.
C. after the due date to increase cash flow.
D. on the discount date.

Answer: D

Explanation:
Why Pay on the Discount Date?
* Discount termsare offered by vendors to encourage early payment, such as "2/10, net 30" (2% discount if paid within 10 days). Paying on the discount date ensures the organization takes advantage of cost savings while still making timely payments.
* This approach optimizes cash management by reducing payment obligations while maintaining good vendor relationships.
Why Other Options Are Incorrect:
* A. After the due date:Late payments can damage vendor relationships and incur penalties.
* B. Prior to the due date:Paying too early does not provide additional benefits and can unnecessarily deplete cash reserves.
* C. On the due date:If a discount is offered, waiting until the due date means missing the opportunity to save money.
References and Documents:
* GAO Financial Management Guide:Recommends paying invoices with discounts on the discount date to maximize cost savings.
* Best Practices in Governmental Cash Management (AGA):Highlights the importance of managing vendor payments to take advantage of discounts.

NEW QUESTION # 107
Use of a lockbox eliminates

A. delays in the availability of funds after transaction initiation.
B. internal office processing delays occurring prior to making deposits.
C. the writing of checks against insufficient funds.
D. mail and check-clearing time.

Answer: B

Explanation:
What Is a Lockbox?
* Alockboxis a service provided by banks to streamline the collection of payments. Customers send payments directly to a bank-managed P.O. box, where the bank processes and deposits them on behalf of the organization.
Why Does a Lockbox Eliminate Internal Office Processing Delays?
* Payments are sent directly to the bank, bypassing the organization's internal mail and deposit processes.
This eliminates delays caused by handling checks internally and ensures quicker access to funds.
Why Other Options Are Incorrect:
* B. Mail and check-clearing time:Lockboxes reduce internal processing delays but do not affect the mail delivery time or bank check-clearing processes.
* C. Delays in the availability of funds after transaction initiation:Fund availability depends on banking processes, not the lockbox.
* D. Writing of checks against insufficient funds:Lockboxes do not prevent the issuance of bad checks.
References and Documents:
* Treasury Financial Manual:Describes lockboxes as tools to reduce internal delays in payment processing.
* GAO Financial Management Best Practices:Highlights the benefits of lockboxes in expediting deposits.

NEW QUESTION # 108
Which of the following disbursement techniques can be used to ensure timely payments?

A. warrants
B. drafts
C. bank cards
D. checks

Answer: B

Explanation:
What Are Disbursement Techniques?
* Disbursement techniques refer to the methods used by organizations to pay vendors or settle financial obligations. The timeliness of payments depends on the technique used.
Why Are Drafts the Best Option for Timely Payments?
* Adraftis a payment instrument issued by an organization's bank, drawn against its account, and typically includes specific payment timing instructions.
* Drafts allow the payer to specify the timing of payments, ensuring they are made on time.
Why Other Options Are Incorrect:
* A. Warrants:Warrants authorize payments but do not ensure timeliness as they require additional processing before funds are disbursed.
* B. Checks:Checks rely on postal delivery and clearing times, which may delay payments.
* D. Bank cards:While convenient, bank cards are typically used for immediate payments, not for ensuring future timely disbursements.
References and Documents:
* Treasury Financial Manual:Highlights drafts as a disbursement tool for controlling the timing of payments.
* GAO Cash Management Guide:Discusses the benefits of drafts in ensuring timely payments.

NEW QUESTION # 109
All of the following represent selection criteria used to make contract awards EXCEPT contractor

A. union affiliations.
B. staff expertise.
C. financial position.
D. past performance records.

Answer: A

Explanation:
* Selection Criteria for Contract Awards:
* When awarding contracts, federal, state, and local governments typically evaluate contractors based on objective criteria like staff expertise, past performance, and financial position to ensure the contractor can successfully fulfill the contract requirements.
* Union affiliationis irrelevant to the contractor's ability to meet the contractual obligations and is not a valid selection criterion.
* Explanation of Answer Choices:
* A. Staff expertise: Correctly used to ensure the contractor has qualified personnel.
* B. Past performance records: Correctly used to evaluate the contractor's historical success in fulfilling similar contracts.
* C. Union affiliations: Correct. This is not considered a valid selection criterion for contract awards.
* D. Financial position: Correctly used to assess the contractor's financial stability.
:
Federal Acquisition Regulation (FAR) Part 15,Contracting by Negotiation.
Office of Management and Budget (OMB) Circular A-102,Grant and Contract Management Requirements.

NEW QUESTION # 110
A key element in coputer-assisted audit techniques is

A. writing the system audit program.
B. purchasing data mining software.
C. obtaining appropriate data.
D. verifying internal controls.

Answer: C

Explanation:
* Definition of Computer-Assisted Audit Techniques (CAATs):
* CAATs use software tools to perform audit tasks such as data analysis, testing transactions, and evaluating internal controls.
* Obtaining accurate and relevant data is a key first step, as it forms the basis of any analysis performed using CAATs.
* Explanation of Answer Choices:
* A. Writing the system audit program: This is part of audit planning but not a specific feature of CAATs.
* B. Verifying internal controls: While CAATs can be used to test controls, obtaining data is fundamental to this process.
* C. Obtaining appropriate data: Correct. CAATs rely on accurate, relevant, and complete data for meaningful analysis.
* D. Purchasing data mining software: While software is a tool for CAATs, the focus is on using data, not on acquiring the software itself.
:
Information Systems Audit and Control Association (ISACA),Guide to Computer-Assisted Audit Techniques.
Association of Government Accountants (AGA),Data Analytics and Auditing Best Practices.

NEW QUESTION # 111
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